The importance of investing in security for your business
Business security is no longer an option, but a necessity. Hackers, cybercriminals and other malicious actors are constantly looking for ways to breach business systems, steal sensitive information and cause damage. Unfortunately, many small business owners do not take security seriously until it is too late.
In this article, we will explore the importance of investing in security for your business, and provide some useful tips and advice on how to protect your organization.
The cost of a security breach
The cost of a security breach can be devastating for a business. In addition to the financial losses that can result from theft or damage to physical or digital assets, a breach can also lead to significant reputation damage.
Recently, we have witnessed an increase in the number of high-profile data breaches and cyberattacks targeting businesses of all sizes. The impact of these attacks can range from minor inconveniences to major losses that affect entire industries, such as the infamous WannaCry ransomware attack that halted operations in many organizations across the globe in 2017.
The risk of security breaches is not limited to large corporations but also affects small businesses. In fact, small businesses are often the preferred targets for hackers because they are perceived as easier targets due to their lower level of security.
According to the National Cyber Security Alliance, over 70% of cyberattacks occur in small businesses. It is therefore essential that businesses take proactive measures to mitigate their risk of a security breach.
Beyond firewalls and antivirus software
Many people assume that investing in security involves nothing more than installing a firewall and anti-virus software. While these are important tools, they are not sufficient in the current cybersecurity landscape.
Today, security requirements for businesses have evolved markedly, and businesses need to invest in a range of tools and processes to maintain their security posture. Here are a few measures to consider:
Regular software updates and patching
Although incidents such as ransomware attacks are still prevalent, most attackers exploit vulnerabilities that have already been addressed by software vendors. Ensuring that all software tools and applications used in your business are up to date is one of the easiest and most effective ways of preventing attackers from exploiting known vulnerabilities.
Employee training and awareness
Employees can play an essential role in maintaining the security of a business. By providing regular training and awareness campaigns, businesses can improve the employee’s ability to identify potential threats and avoid falling prey to malicious actors.
Two-factor authentication
Passwords alone are no longer sufficient to protect user accounts. Two-factor authentication provides a necessary layer of security in verifying users accessing sensitive accounts. Many popular business tools support two-factor authentication and businesses should take advantage of it.
Data encryption
Encrypting sensitive data is a valuable practice to protecting client data, payment details, employee information, and other sensitive pieces of data. Encrypted data can make it harder in the event of a data breach, limiting the extent of the problems that could occur.
Securing your physical environment
Many business owners place high value on the security of their digital assets but neglect security of the physical environment. Theft of hardware such as laptops, hard drives, and even mobile devices can have disastrous consequences for small businesses. It is important that businesses take measures to protect their sensitive data and physical infrastructure.
Physical security measures
Physical security measures ensure your physical environment is secured by having measures such as CCTVs, activity logs, controlled access, and strict visitor policies in place. It can also mean having to undertake internal investigations from time to time.
Offsite backups
Keeping backups of critical data whether physical or physical backups in an offsite location can be important if the physical office were to experience any issues such as a natural disaster.
The importance of monitoring
In addition to investing in proactive security measures, businesses should also implement measures to monitor their systems for signs of attacks. There are several tools and practices that can help maintain visibility into system activity, including:
Firewalls and intrusion detection systems
Most businesses use firewalls or intrusion detection systems to monitor network activity, detect suspicious behavior, and prevent unauthorized access.
Suspicious network activity
Establishing baselines for network activity can detect and identify suspicious network activity patterns; using advanced security tools to automatically flag and alert businesses.
Log management tools
Log management tools can collect and store information on network activity, system access, and user activity, which make it easier for businesses to monitor activity and detect potential issues.
Building a robust security framework
In addition to the items listed, building a robust security framework requires an integrated approach. A network, system and other security measures must work together effectively to enhance the reliability of the security controls. A few important considerations when building an effective security framework include:
Having a security policy in place
Every organization should have a documented security policy in place, ensuring that employees and stakeholders comply with the policies, codes of conduct, and security procedures.
Third-party security considerations
Third-party vendors like cloud providers, mobile banking apps or other applications that the business uses should be assessed for security compliance before onboarding – this will help reduce the risk of negative repercussions in the long run.
Regular security assessments
Regular security assessments should be operationally scheduled. Security assessments can identify vulnerabilities in systems, policies, platforms and could prompt urgent attention for resolving any lingering issues.
Conclusion
In summary, businesses need to take a proactive approach in securing their digital and physical assets, with several recommended practices to consider. Improving staff knowledge and awareness, having regular security checks and participating in physical and digital redundancy and encryption measures, alongside frequent monitoring and routine hardware/software maintenance checkups can have a significant impact on the overall day-to-day security activities of small businesses. It is also worth keeping up-to-date with the latest threats and industry insights that may support and keep you informed about the changing cybersecurity landscape. Remember, prevention is vital in cybersecurity, and it is better to put measures in place now, rather than waiting for a cybersecurity breach to occur.